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    Bank of Canada maintains its target for the overnight rate

    On Wednesday, the Bank of Canada released a statement about their interest rate, saying: “The Bank of Canada today maintained its target for the overnight rate at the effective lower bound of 0.25 per cent. The Bank Rate is correspondingly 0.5 per cent, and the deposit rate is 0.25 per cent. The Bank is also continuing its quantitative easing (QE) program, with large-scale asset purchases of at least $5 billion per week of Government of Canada bonds.”

     

    The global and Canadian economies are evolving now that countries are lifting containment measures. The recovery remains highly dependent on coronavirus updates and social distancing measures required to help contain the spread.

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